[60A Rental rebates]
Corporation Tax Act 2009 (2009 c 4) | Legislation

[60A  Rental rebates]

[(1)     Where plant or machinery (“the asset”) is leased and a rental rebate is payable by the lessor, the amount of the deduction allowable in respect of the rebate is limited to—

(a)     the amount of the lessor's income from the lease, or

(b)     in the case of a finance lease, that amount excluding the finance charge.

(2)     “Rental rebate” means any sum payable to the lessee that is calculated by reference to the termination value of the asset.

(3)     For this purpose—

(a)     the termination value of an asset is the value of the asset at or about the time when the lease terminates,

(b)     calculation by reference to the termination value includes calculation by reference to any one or more of—

(i)     the proceeds of sale, if the asset is sold,

(ii)

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